Apple (AAPL -1.1%) is cutting iPhone build orders by 20% thanks to "slowing demand for high-end handsets globally," says Wedge Partners' Brian Blair; he now expects 2H builds of 90M-100M vs. a prior 115M-120M. Blair's comments come two weeks after Jefferies' Peter Misek reported of elevated channel inventories and FQ3 (June quarter) build order cuts, and Oppenheimer's Ittai Kidron cut his FQ3 and FQ4 estimates thanks to "mixed" iPhone 5 sales checks. FQ3 results arrive on July 23. (Samsung forecast) (Citi on high-end phones)